Saudi Budget Slips Deeper Into Deficit With Jump in Spending

Saudi Arabia’s budget deficit widened in the second quarter as the government raised spending on social benefits and projects meant to diversify the economy from oil.

Government income rose, driven mainly by higher non-oil revenue, which Crown Prince Mohammed bin Salman is trying to grow as he looks to end boom-bust oil cycles of the past. Still, the government’s deficit came in at 5.3 billion riyals ($1.4 billion), around 80% higher than that for the first quarter.